Things to Know Before Going for SMSF

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Things To Know Before Going For SMSF
Self-managed super funds (SMSFs) are a way of
saving for your retirement.
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• Self managed super funds (SMSFs) is the fastest
  growing area within the superannuation industry
• Many people are still curious to enter this area
  of the superannuation market

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How Does SMSF Work?

• An SMSF is a legal tax structure whose only
  purpose is to secure your retirement. SMSFs
  operate under similar rules and restrictions as
  ordinary super funds
• When you run your own SMSF you must
• Carry out the role of trustee or director, which
  entails important legal responsibilities on you

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• Set and follow an investment scheme that is
  suitable for your risk tolerance and is likely to
  meet your retirement requirements
• Have the financial skills and experience to make
  sound investment choices
• Have enough time to research investments and
  manage the fund
• Budget for fragmentary expenses, such as
  professional superannuation accounting service,
  tax, audit, legal and financial advice

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• Keep comprehensive documentations and arrange an
  annual audit by an approved SMSF auditor
• Organise insurance, including income
  protection and total and permanent
  disability cover for super fund members
• Use the money only to offer retirement profits

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SMSF Advisors

• A professional who is licensed to provide SMSF
  advice can help you weigh up the pros cons of
  running an SMSF to decide whether it's correct
  for you. They can help with the administration
  investment decisions for your SMSF. But remember,
  you cannot pass on the responsibility of being a
  trustee or director, so you must understand what
  your adviser is doing

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Ongoing SMSF Advice

• The type of ongoing advice you choose will depend
  on the requirements of yours
• For example, you might use a financial adviser or
  broker for financial advice and an accountant for
  the management of the fund
• SMSF advisers must be licensed to provide this
  type of advice
• You can contact us to find out the details about
  SMSF licensing accountants.

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Contact Us

• SMSF Professionals
• Suite 7/104 Wigram Street, Harris Park, NSW 2150
• 1800 883 007info_at_smsfprofessionals.com.au
• https//www.smsfpro.com.au/